PERTH-based Finder Energy has moved closer to being an active oil and gas producer with the acquisition of a floating production storage and offtake vessel for its Timor Sea prospects.
Finder has struck a deal with Amplus Energy, the owner of high-performing FPSO Petrojarl I, under which Amplus will receive US15 million in cash and shares to become a co-investor.
Finder proposes to first deploy Petrojarl I to the discovered and fully appraised Kuda Tasi and Jahal fields but the company also discovered the Krill and Squilla fields and holds 76% and Operatorship of PSC 19-11, located within the prolific Laminaria High oil province of Timor-Leste.
Amplus acquired Petrojarl I earlier this year with what the new partners say is a proven track record of redeployment across multiple stringent regulatory environments (UK, Norway, Brazil). The FPSO has had 11 successful deployments and most recently departed the Atlanta Oil Field, Brazil where it safely and efficiently produced over 30 MMbbl with 98% uptime.
Petrojarl I is double-hulled with internal turret and flexible topside processing facilities allowing cost-effective adaptability to suit most oil fields, and in excellent condition due to multiple shipyard campaigns between redeployments.
Under the deal Amplus is to be awarded FPSO FEED, modifications and O&M contracts at market rates subject to any required approvals. The Kuda Tasi and Jahal Oil Fields have combined 22 MMbbl Gross 2C Contingent Resources and initial production rates of 25,000 – 40,000 bopd are estimated.
Finder says vessel ownership delivers “significant strategic and economic benefits”, including the ability for the FPSO to be integrated into FEED to achieve FID by mid-2026 and target First Oil by year-end 2027. Amplus bought Petrojarl I from Altera Infrastructure, the former Teekay Offshore.
Finder also has a North West Shelf portfolio with an interest in two exploration permits covering 7,595 km2.
"Finder is strategically positioned in the most prospective areas of the NWS with permits located in the Dampier and Beagle Sub-basins and the Vulcan Sub-basin of the Bonaparte Basin,” it says.